It isn't prospective rate cuts, the downward bias in market interest rates comes from real risks in the global system. The biggest of those are US commercial real estate (CRE) and China. Key developments in both show that the situation is fragile and that difficulties are serious even if playing out mainly in the shadows.

Eurodollar University's Money & Macro Analysis

Bloomberg Real Estate Pain Is Showing Up in an Obscure Investment Product
https://www.bloomberg.com/news/articles/2024-03-19/real-estate-pain-is-showing-up-in-collateralized-loan-obligations-clos

BloombergTV with Carson Block
https://www.bloomberg.com/news/videos/2024-03-19/carson-block-warms-to-blackstone-mortgage-trust-short-video

Bloomberg Short Seller Block Says He’s Even ‘More Bearish’ on Blackstone Mortgage Trust
https://www.bloomberg.com/news/articles/2024-03-19/block-says-he-s-even-more-bearish-on-blackstone-mortgage-trust

SCMP China Vanke secures US$194 million loan from Industrial Bank in brief respite for troubled property developer
https://www.scmp.com/business/article/3256021/china-vanke-secures-us194-million-loan-industrial-bank-brief-respite-troubled-property-developer

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CLO Markets are on the Collapsing (liquidations starting)